For a hotel, customers are its assets and it is vital to communicate the strategies to them. The customers are communicated via putting the information on the website of the hotel and social media network. The communication will give an idea to the customers about the steps taken by the hotel to enhance their service system. The hotel managers, in return, will seek their valuable feedback on the strategies taken and any other improvement that they wish to see in the hotel.
Employees: The employees of the hotel are main the drivers of the strategies. They will be responsible for the implementation of the strategies within the hotel. They will be communicated the strategies and course of action through meetings, seminars and emails. The participation of the employees is vital since they will be able to implement the strategies properly when they have a fair idea about it.
Investors: The investors are the stakeholders, who are responsible for the capital investment in the hotel. Therefore, it is vital to communicate the strategies to them and take their approval before any implementation process occurs. They can be communicated through conducting meetings and also getting their feedback on the strategies made.
These are the stakeholders whom communicating the yield management strategies is vital for the hotel managers.
This report has identified different aspects of revenue management and determined the steps that the hotel based in middle-sized city can adopt to improve its yield management. The indicators such as Occupancy rate, ADR and RevPar can be used to measure the performance of the hotel against the competitors. Also, conducting the competitor analysis is also vital to determine their position in the market. The frequency of conducting the forecast of the demand needs to be increased. There are many strategies proposed in the repot that can enable the managers to improve the performance of the hotel. The managers can offer festive discounts and other seasonal discounts to engage the customers. These can be used as the tactics to build clientele and win their loyalty. Once they become loyal, they turn assets for the hotel.